What is the Florida Homestead Act?

The Florida homestead exemption under the state constitution gives qualified homeowners $25,000 deductions from their properties' assessed values, according to the property appraiser of Charlotte County, Florida. A homeowner who receives and continues to qualify for the standard homestead exemption automatically receives an additional $25,000 homestead exemption as of 2015.

Homeowners must apply between January 1 and March 1, be the title holders of the real estate and be bona fide Florida residents permanently living in their homes as of that January 1 to qualify for the homestead exemption. The additional $25,000 exemption applies to properties with values between $50,001 and $75,000 and applies to all levies except for those relating to school districts, explains the property appraiser of Charlotte County, Florida.